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Library First Floor

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People in over 70 countries participate in rotating savings and credit associations (RoSCAs) to avoid high-cost informal financial services. Moneylenders in Bangaldesh, India, Malaysia, Nepal, and the Philippines can be exploitive, charging annual interest rates sometimes exceeding 1000 percent. Moneyguards in Ghana will hold a person's savings; however, savers often pay a fee as high as ten percent of the value of their savings. With nearly two billion people lacking access to formal banking services, RoSCAs provide households and entrepreneurs with an low-cost opportunity to save and borrow within their community.

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Apr 11th, 10:30 AMApr 11th, 11:45 AM

RoSCAs: Bridging the Gap Between Moneylenders and Moneyguards

Library First Floor

People in over 70 countries participate in rotating savings and credit associations (RoSCAs) to avoid high-cost informal financial services. Moneylenders in Bangaldesh, India, Malaysia, Nepal, and the Philippines can be exploitive, charging annual interest rates sometimes exceeding 1000 percent. Moneyguards in Ghana will hold a person's savings; however, savers often pay a fee as high as ten percent of the value of their savings. With nearly two billion people lacking access to formal banking services, RoSCAs provide households and entrepreneurs with an low-cost opportunity to save and borrow within their community.